Obama To Speak To Top Loan Sharks

President Barack Obama, appealing to mainstream consumers, is pushing for more legal protection for the millions of Americans who use credit cards. Obama was meeting with leaders of the credit-card industry Thursday, and he’s already backing tougher legislation. “The president believes new rules of the road for the credit card industry are needed,” Obama senior adviser Valerie Jarrett said ahead of the president’s planned session at the White House with executives from the nation’s top credit-card companies. Obama and some congressional leaders are particularly focused on what they consider to be abusive and deceptive practices that squeeze people into paying much higher fees or interest rates than anticipated. Both the House and Senate are considering a credit card “bill of rights” to limit the ability of credit-card companies to raise interest rates on existing balances and to require greater disclosure.

Fox News Story

Good luck Barry. You might be the president of The United States and have a high approval rating, but if you think that your charm and smile is going to get these guys to let you put your hands in their pockets, you are delusional. They live on the vig and the more vig there is the more they like it. Cut their vig and they will quite loaning money. Simple business math.

This Is A Laugh from the same article.

White House economic adviser Larry Summers said over the weekend that the administration wants to curb pitches that addict people to plastic.

“Individuals are going to have to save more. That’s why savings incentives are so important,” he said. “That’s why we need to do things to stop the marketing of credit in ways that addicts people to it and so that our households are again saving and families are again preparing to send their kids to college.”

So we should all save our meager stimulus checks? Are you leading by example when you spash big headlines on how you are going to save 100 million dollars or 0.0029% of THREE TRILLION.